Future Proofing
Future proofing is the anticipation of future events in business.
It means trying to look into the future, i.e, analysing possible future developments and taking steps to promote the opportunities and minimise the consequences that may arise from them.
An example of the relevance of future proofing can be seen in the development of certain products in the technological sector, for example, in the development of the set top box or set top unit created for the television.
The purpose of the set top box was to provide customers with a single box through which they could have access to multiple forms of media. At the time of its creation, the designers of the box recognised that it needed to be able to accommodate the various forms of media that were available at the time, from DVDs to games consoles. However, in this rapidly developing industry, the designers knew that the box would also have to be able to accommodate extra features and forms of media as they came on the market meaning that customers wouldn’t require a new device each time a new technology entered the market. The box was, therefore, ‘future proofed’ so that it could be easily adapted to new forms of media.
This example illustrates that in the ever developing world of business, a business strategy or product created to suit a particular environment, position or situation is unlikely to stand the test of time whereas a business strategy or product developed with some consideration placed on future developments within the market is more likely to ensure the long term viability of the strategy or the product.
